Vasogen Announces $14.4 Million Financing
TORONTO--(BUSINESS WIRE)--Feb. 9, 2000--Vasogen Inc. (TSE: VAS.)(AMEX: MEW) announced today that it has received commitments, primarily from senior U.S. institutional investors, to purchase directly 1,600,000 special warrants at $9.00 (Cdn.) per special warrant. The net proceeds of the offering, after deducting expenses of the issue, will be approximately $14.2 million (Cdn.).
Proceeds of the financing will be used to advance the commercial development of Vasogen's proprietary immune modulation therapies, accelerate fundamental research into new areas of clinical application, pursue strategic business partnerships, and as additional working capital. Closing is anticipated, subject to regulatory approval, on or about February 22nd, 2000.
The Company's projected cash position as at February 29, 2000, including proceeds of this financing, is anticipated to be $23 million (Cdn.).
Each special warrant is convertible into one common share of Vasogen Inc. for no additional consideration. Following closing, the Company will file a preliminary prospectus in Ontario to qualify the common shares to be issued on the exercise of the special warrants.
Vasogen is focused on developing immune modulation therapies to advance the treatment of cardiovascular, autoimmune and related inflammatory diseases. These therapies are designed to target fundamental disease-causing events, providing safe, effective treatment.
Statements contained in this press release, including those pertaining to scientific and clinical research, commercialization plans, strategic alliances, and intellectual property protection, other than statements of historical fact, are forward-looking statements subject to a number of uncertainties that could cause actual results to differ materially from statements made. |
